Facebook Competitor College Tonight "Goes Public," Raises $1.6M

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College Tonight, one of a group of startups that is trying to win over Facebook’s core college membership, has raised a $1.6 million round of financing. Oh, and they went “public.”

This isn’t really going public, though. They’ve merged with a barely alive public entity called Simex Technologies (SMXT), which is trading at $0.49 per share on the Nasdaq pink sheets. Simex, which had been delinquent in its annual and quarterly reports for some time, is now current and has changed its name to College Tonight, Inc.

This is a common way for startups to get liquidity fast, and it rarely ends well. When Nasdaq companies get delisted into pink sheet purgatory, they will occasionally get picked up.

A subsidiary of Simex called Remote Business, Inc. used to be “engaged in the design, installation, servicing and monitoring of digital surveillance security systems for business and industry” — hardly anything related to social networking.

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Crunchbase

OverviewFacebook is an online social networking service that allows its users to connect with friends and family as well as make new connections. It provides its users with the ability to create a profile, update information, add images, send friend requests, and accept requests from other users. Its features include status update, photo tagging and sharing, and more.
Facebook’s profile structure includes …

OverviewCollege Tonight, Inc. is a publicly-traded social media company based in Los Angeles that develops and operates various properties focused on the college demographic. Following the line strategy of helping advertisers effectively reach this often fickle demo speaks to the core of CTI's ideology; establishing strong relationships between sponsors and students online and offline, and fundamentally improving …